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ADNOC, KKR and BlackRocK sign US$4 billion pipeline infrastructure deal

https://www.hydrocarbons-technology.com/news/adnoc-signs-4bn-pipeline-infrastructure-deal-with-kkr-and-blackrock (Copyright: ADNOC)

The Abu Dhabi National Oil Company (ADNOC) has signed a US$4 bn midstream pipeline infrastructure partnership agreement with US-based institutional investors KKR and BlackRock. ADNOC is expanding through strategic partnerships since 2017. With the contract a newly formed entity known as Adnoc Oil Pipelines will lease ADNOC’s interest in 18 pipelines for a 23-year period.

ADNOC will be the majority owner of Adnoc Oil Pipelines, holding a 60% share. The BlackRock and KKR consortium will own the remaining 40% stake. The sovereignty over the pipelines and management of pipeline operations is with ADNOC. The investor firms are required to make an upfront payment of $4bn to Adnoc.

In total, the 18 pipelines have a length of over 750 km and a capacity of 13 million barrels per day. the pipelines transport stabilised crude oil and condensate across ADNOC’s offshore and onshore upstream concessions. The shipping takes place to Abu Dhabi’s key takeaway outlets and terminals or on to global energy markets.

Adnoc Group CEO Dr. Sultan Al Jaber said: “This transaction is another example of the innovative steps we are taking to constantly optimise our assets and capital and deliver sustained value to both ADNOC and the UAE. Most importantly, this transaction marks a milestone for ADNOC and Abu Dhabi as it paves the way for further significant foreign direct investment into the UAE.”

The third Global Infrastructure Investors fund is investing in the pipelines through KKR , while BlackRock’s investment is through its Global Energy & Power Infrastructure Fund (GEPIF) series. The BlackRock CEO Laurence Fink said: "We believe that today’s agreement among ADNOC, BlackRock and KKR will be followed by many more such partnerships to invest in the future growth of the region."

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